LEADER: A threat agencies must not ignore

Creative agencies, suffering from diminishing profit margins, face a further squeeze this year as television channels muscle into the business of creating commercials in a big way. This is not something new. Terrestrial stations have been doing this for a years, targeting small to medium-sized advertisers. But the threat this time around is bigger as heavyweights like Discovery, CNBC and AXN - all with immense production resources - target big brand names.